• Funding part of $250 million raise to boost investor confidence
• Fintech expands services, processes $40 billion across 30 countries

Nigerian President Bola Tinubu has approved a $75 million investment in fintech company Flutterwave as the firm prepares for a listing on the Nigerian Exchange (NGX). The announcement was made public on Monday by presidential special assistant Dada Olusegun.

According to sources familiar with the matter, the investment is expected to be routed through the Ministry of Finance. It forms part of a broader $250 million fundraising round planned for the listing. Valued at more than $3 billion, Flutterwave had sought state backing for its debut on Nigeria's main stock exchange to boost investor confidence.

A Growth Trajectory Backed by an Expansion Strategy

Before approving the investment, Nigerian authorities hired audit firms to review the company's financial statements and operations. The review is intended to support the investment decision and strengthen the project's credibility in the market.

The move comes as Flutterwave continues to expand. The company secured a banking license in Nigeria in early April 2026, enabling it to expand its offering to include credit and savings services alongside its existing payments and money transfer solutions. The firm says it has processed more than $40 billion in payments across more than one billion transactions in about 30 currencies.

The company operates in about 30 African countries and serves more than two million businesses, including multinational companies. It also acquired fintech firm Mono in January as part of a strategy to integrate financial data services.

The IPO aims to widen Flutterwave's shareholder base and allow local investors to buy shares. Since 2023, Nigerian authorities have been pushing for a listing on the NGX to strengthen the local financial market and support the emergence of publicly traded technology companies.

IPO preparations are ongoing, though no official timeline has been announced. Flutterwave has said it will proceed only if it reaches sufficient profitability. That stance reflects a broader environment in which investors are paying close attention to companies' ability to generate revenue and sustain growth.

Chamberline Moko